Birch Commerce Center, a logistics facility in Brea, sold in late January for $92.1 million.
Newmark represented the seller, which it declined to identify.
In public documents provided by PropertyShark, both the seller and buyer are identified by limited liability company names only. The seller is listed as Brea Industrial III LLC and the buyer Reep-Ind Brea Ca LLC.
The 218,648-square-foot Class A building was completed in 2016 and has two tenants.
A February report by J.C. Casillas at NAI Capital showed vacancy rates for industrial space in Orange County was rising in the final quarter of 2024. The report showed a 40-basis point quarterly increase to 4.9%. That rate was 180 basis points higher than Q4 2023.
Casillas noted that the county has added roughly 4.9 million square feet of completed industrial construction.
“Tenants are gaining leverage to negotiate more favorable deals, signaling a market shift that challenges landlords who historically dictated leasing terms,” he wrote. “As leasing velocity slows, landlords are adapting by offering concessions and structuring flexible leases.”
Lido House hotel expanding
Bob Olson is taking another swing at the Lido House hotel, launching an expansion of the Cape Cod-style hotel that debuted seven years ago in Newport Beach.
Irvine-based R.D. Olson Construction is adding five private guest cottages, a 600-square-foot, all-weather glass Cotton Pavillion, more meeting space and a private dining area.
Beyond the private cottages, which are growing to 10 total, Lido House also offers 130 traditional guest rooms just west of the harbor at 3300 Newport Blvd.
Expanding the hotel will be done in three phrases, R.D. Olson reps said. The company will first demolish the long-shuttered and vacant firehouse, while building the glass pavilion, meeting space and dining area at the same time. The five guest cottages will be added last.
Affordable housing complex debuts in Santa Ana
Archways Santa Ana, an affordable apartment complex with supportive services, recently debuted to a full house.
The property, which includes 85 units in one-, two-, three- and four-bedroom floor plans, provides affordable housing for low-income tenants.
Mercy House, along with Telecare Home First, is providing on-site services from wellness to adult education and case management.
Officials gathered at Westminster Avenue property on March 12 to celebrate its grand opening.
Most of the Archways units, which are fully leased, are rented to tenants who earn 30% or less of the area’s median income. Santa Ana’s AMI is roughly $88,354, meaning qualifying tenants earn less than $26,506 annually. Other units are for tenants earning up to 60% of the AMI.
The housing project was developed by Community Development Partners.
The $55 million project was paid for using roughly $20 million in Low Income Housing Tax Credits from the California Tax Credit Allocation Committee; $7.3 million in No Place Like Home Funds from the California Department of Housing and Community Development; $1.5 million in Orange County Housing Finance Trust funds; $4.3 million in Orange County Mental Health Services Act funds; and $3.9 million from the city of Santa Ana.
“Archways Santa Ana represents a new beginning for low-income families and individuals experiencing mental illness or homelessness,” Mayor Valerie Amezcua said. “By providing affordable housing alongside critical support services, we are helping to build stronger, more resilient communities. The city of Santa Ana was proud to support Archways with $3.9 million in loan agreements, as we continue to lead Orange County in the creation of new affordable housing. This project is a vital step toward addressing the housing crisis.”
The complex was built on an empty lot and features two connected buildings designed by City Fabrick of Long Beach and Architecture Design Collaborative of Laguna Hills. The builder was Walton Construction of Dimas, a family-owned company that works in affordable housing.
Amenities include a community room with computer stations, outdoor picnic and barbecue areas and a playground and rooftop decks.
Westar sells Monrovia retail center
Westar Associates, a Newport Beach-based real estate developer, recently sold Foothill Park Plaza shopping center located in Monrovia.
Terms of the sale were not disclosed by Westar.
Phillips Edison and Co., an owner and operator of grocery-anchored shopping centers, was the buyer. Newmark facilitated the transaction for Westar.
The 96,390-square-foot retail center, which debuted in 1985, is anchored by Vons and includes Chase Bank, Wendy’s, Blaze Pizza, Baskin Robbins and See’s Candies.
UCI, Chapman project focuses on Santa Ana
Graduate students at Chapman University and UC Irvine will go head to head in the fourth annual NAIOP SoCal Orange County Real Estate Challenge as they figure out how to best redevelop a sizeable chunk of land in Santa Ana.
The teams from Chapman’s Argyros College of Business & Economics and the Paul Merage School of Business Center for Real Estate at UCI will present their plans Thursday, April 17 as they vie for the Orange Cup.
The 37-acre site includes the Santa Ana Civic Center and Santa Ana Stadium.
Teams will give written and oral presentations to a panel of commercial real estate experts and a live audience.
The city of Santa Ana is the project site sponsor.
According to NAIOP SoCal, the site includes buildings from federal, state, county and city agencies. They include Santa Ana City Hall, OC Civic Center, Central Justice Center, Santa Ana Main Library and the stadium.
The competition is leaning into new options for the Civic Center and stadium in order to “better connect it to the growing vibrancy of downtown Santa Ana,” the trade organization said.
“This is a great opportunity to support the next generation of designers and bring fresh, innovative ideas to update a vital community space that will serve our residents and residents of the county for years to come,” Alvaro Nuñez, Santa Ana’s city manager, said in a statement.
The challenge begins at 5 p.m. at UCI. Tickets are available online at rb.gy/3fzb9p.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.
